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https://warpcast.com/~/channel/justinahn
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justin.ahn.eth
@ahn.eth
just an observation from fresh experience on how banking industry approved stablecoin usage can be both beneficial and same-as-it-ever-was when we think about mainstream usage we use circle mint at @quidli mainly to offramp USDC we receive from time to time from clients who prefer to pay in stables - it's great because it's so much faster and cheaper than our tradfi service providers in terms of both processing payments and executing our own txs our set up is, bill clients from quidli inc, a us entity which is also our profit center, and then transfer the funds to quidli sarl, a french entity wholly owned by the us entity that's essentially our cost center where we run payroll - our flow is typically swap USDC for EURC and then offramp to our french bank after a couple years of operating like this, circle just informed me without prior notice that they've removed the quidli sarl bank account from our circle account because quidli sarl is a different name than quidli inc and so they cannot service quidli sarl in this situation (btw, quidli sarl is 100% owned by quidli inc)... this sucks because now we're suddenly without a way to move money between entities while i wait to see if circle will approve a 2nd mint account for quidli sarl i get that circle is not in the business of "decentralize everything" and that compliance & regulations must be followed, and this is mainly a rant because i just experienced something negative, but is this really a better future for payments if nothing meaningfully changes except for the middleman who we're dependent on?
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Royal
@royalaid.eth
Goal is the long run of this is direct back office point to point transfer and the funds only exist in the system for legacy usage, similar to having to cut a check for a rent payment. What you're experiencing, I have run into it too, is that you're at the bleeding edge and forced to make shitty compromises until the system catches up with you.
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justin.ahn.eth
@ahn.eth
>Goal is the long run of this is direct back office point to point transfer and the funds only exist in the system for legacy usage would be great if everything could stay onchain, but i feel like that future is even further away! 😭 right now i just want to enable teammates to be able to pay their rents 😭😭
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Royal
@royalaid.eth
Yeah, this isn't something that helps with the BS you're dealing with right now. My honest suggestion is to start getting back up off ramps in place like Coinbase etc
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justin.ahn.eth
@ahn.eth
is cb offering business accounts now? actually if we kept all finances with the us entity, even with just personal coinbase accounts, i think we could make this work issue with the french entity is that accountancy is super strict and old fashioned here so trying to explain why this stablecoin doesn't sit in your corporate bank account is just asking for headaches and even more hoops to jump through 🤣 lesson, just be a degen trader at home off the books
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Royal
@royalaid.eth
https://www.coinbase.com/business
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justin.ahn.eth
@ahn.eth
scheisse, a wait list... i think this will be akin to having that 2nd circle mint account, but whatever, i'll check it out too! 1000 $degen
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Royal
@royalaid.eth
It's worth imo, p sure two different teams doing compliance
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justin.ahn.eth
@ahn.eth
fyi, i got a response and they're asking for $5k up front just to submit an application 🤣
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Royal
@royalaid.eth
😂 who do they think they are
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justin.ahn.eth
@ahn.eth
circle mint and roundabout ways to offramp that give my accountants heart attacks ftw, i guess!
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